Core Viewpoint - Yuexiu Property (00123) announced the issuance of corporate bonds by Guangzhou Urban Construction Development Co., Ltd. for professional investors, with interest payments starting on September 15, 2025, for the period from September 13, 2024, to September 12, 2025 [1] Summary by Category Bond Issuance Details - The bond issuance consists of two varieties: - Variety One (21 Suijian 03, 188730) has a coupon rate of 2.10%, with a face value of 1,000 yuan, resulting in an interest payment of 21.00 yuan (including tax) [1] - Variety Two (21 Suijian 04, 188731) has a coupon rate of 3.55%, with a face value of 1,000 yuan, resulting in an interest payment of 35.50 yuan (including tax) [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 公司秘書 香港，二○二五年九月五日 於本公告刊發日期，董事會成員包括： 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 越秀地產股份有限公司 余達峯 （在香港註冊成立的有限公司） （股份代號：00123） 非執行董事： 張貽兵及蘇俊杰 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 债券代码：188731 债券简称：21 穂建 04 债券代码：188730 债券简称：21 穂建 03 广州市城市建设开发有限公司 2021 年面向专业投资者公开发行公司债券（第二期） 2025 年付息公告 本公司全体董事或具有同等职责的人员保证本公告内容不 存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担相应的法律责任。 重要内容提示： 广州市城市建设开发有限公司 20 ...

Core Insights - The Guangzhou real estate market maintained stable performance in August 2025, influenced by traditional off-peak season factors and adverse weather conditions [3][4][6] - The sales index for popular properties showed a slight increase, with 15 projects achieving a sales index above 80%, up from 11 the previous month [4][6][10] Sales Performance - A total of 50 sampled properties recorded 28,192 sold units and 13,778 unsold units, resulting in an average sales rate of approximately 67.17%, consistent with the previous month [3][4][6] - 37 projects had a sales index exceeding 50%, accounting for 74% of the total sample, while 15 projects surpassed 80%, involving 10,044 sold units and 1,432 unsold units [4][5] Market Trends - The top-selling properties included 国贸云上 (95.93%), 龙湖御湖境 (95.67%), and 城投珠江天河壹品 (93.81%), with major developers like 保利, 越秀, and 龙湖 dominating the top ten [7][10][11] - The market saw a notable trend of new properties gaining popularity, with many new launches in 2025 achieving high sales rates, indicating a shift towards higher quality offerings [9][10][11] Regional Analysis - The majority of the sampled properties were concentrated in key districts such as 黄埔, 天河, and 海珠, with 黄埔 having the highest inventory of 8,365 units and an average sales index of 64.95% [8][10] - The new property launches in 2025 were primarily concentrated in 海珠, 黄埔, and 荔湾, reflecting a strategic focus on these areas for future developments [9][10] Future Outlook - The Guangzhou real estate market is expected to enter a more favorable sales period in September, aligning with the traditional "Golden September and Silver October" sales season, supported by various policy measures and marketing activities [11][12]

Core Viewpoint - The real estate market in the southern area of Changping, Beijing, is experiencing a significant downturn, characterized by declining sales rates and falling prices for both new and second-hand properties [1][5][7]. Group 1: Sales Performance - The pre-sale rate for the new project "China Overseas Future Realm" is only 23.7% after two months, with a total of 342 units available [1]. - Another project, "Yuexiu Xingyao Future," has a pre-sale rate of just 17.5% after five months, with 930 units initially offered [2]. - The average transaction price for residential properties in the area has dropped significantly, with some projects seeing price reductions of over 7% in the past year [6][10]. Group 2: Price Trends - The average price of new homes in the Changping area has been under pressure, with recent months showing accelerated declines in transaction prices [5][6]. - The price of second-hand homes in key areas like Huilongguan and Shahe has decreased by 14.18% and 11.41%, respectively, over the past year [7][10]. - Notable examples include a property in Huilongguan that saw a price drop of 35.1% from its peak [12]. Group 3: Market Dynamics - The decline in the Changping market is attributed to two main factors: collapsing second-hand home prices and an oversupply of new homes [7][34]. - The influx of new projects has created a competitive environment, leading to price wars among developers [37]. - The overall transaction volume in Changping has decreased significantly, with monthly sales dropping from an average of 557.5 units in 2023 to 365 units in the first eight months of 2025 [33][35]. Group 4: Supply and Demand - The supply of new homes in Changping is expected to exceed 10,000 units, which is sufficient to meet demand for the next two years [34][35]. - The shift in market dynamics has led to a decrease in the purchasing power of potential buyers, particularly as the influx of clients from urban areas has slowed [44]. - The market is witnessing a trend where transactions are increasingly concentrated in urban areas, while suburban regions like Changping are experiencing a decline in sales [39][40].

Core Viewpoint - The primary focus for real estate companies in 2025 is inventory reduction, with various firms emphasizing this task during their mid-year performance meetings [2][3][4]. Inventory Reduction Strategies - Greentown China completed an inventory reduction task of 19 billion yuan in the first half of 2025, with total inventory valued at approximately 270 billion yuan, of which about 140 billion yuan is from 2021 and earlier, accounting for roughly half [3][10]. - Major real estate companies like China State Construction and China Resources Land are implementing strategies such as "old projects, new approaches" to manage inventory effectively [3][4]. - CIFI Group emphasizes inventory management by categorizing stock and implementing targeted strategies for different types of inventory [4]. Financial Implications - The inventory burden from projects acquired at high costs between 2015 and 2019 is significant, with some companies facing substantial impairment provisions due to unsold properties [9][11]. - In the first half of 2025, major firms like Poly and Vanke reported inventory impairment provisions of 7.12 billion yuan and 5.11 billion yuan, respectively, contributing to overall financial uncertainty [10][11]. Market Conditions - The real estate market is experiencing significant uncertainty, with many companies struggling to offload high-cost inventory without incurring losses [11]. - The inventory structure shows that high-quality inventory is limited, with a larger portion consisting of properties in less desirable locations or with lower sales rates [10]. Company-Specific Actions - Longfor Group has reduced its inventory by over 8 billion yuan and revitalized 11 projects, supporting cash flow through various asset management strategies [5]. - Yuexiu Property focuses on maintaining prices while reducing inventory, utilizing market analysis to adjust marketing strategies effectively [5].

Core Insights - The recent land auction in Shanghai concluded with a total of 5 plots sold, covering approximately 140,000 square meters, with a total planned construction area of about 237,000 square meters and a starting price of 9.867 billion yuan, ultimately achieving a total transaction price of 11.116 billion yuan [1][2] Group 1: Auction Details - The highest premium was recorded for the Yangpu District plot, which had a land area of 16,482.71 square meters and a planned construction area of 29,668.87 square meters, with a starting price of 2.136 billion yuan and a final transaction price of 2.736 billion yuan, resulting in a premium rate of 28.09% [1] - The combined plots in Putuo District had a total land area of 26,423.41 square meters and a planned construction area of 66,058.5 square meters, with a starting price of 4.646 billion yuan, ultimately sold for 5.240 billion yuan, reflecting a premium rate of 12.79% [2] - A smaller plot in Minhang District, with a land area of 9,319.6 square meters and a planned construction area of 14,911.36 square meters, had a starting price of 491 million yuan and was sold for 546 million yuan, resulting in a premium rate of 11.19% [2] Group 2: Market Implications - The Shanghai market is accelerating the supply of quality land, focusing on key development areas, with the recent auction indicating sustained demand and interest in land acquisition [3] - The auction results suggest that the heat from land sales may gradually influence new housing prices in the region, indicating a potential for continued stability in the Shanghai real estate market [3]

Core Insights - China Resources Land achieved a total revenue of 94.92 billion yuan in the first half of 2025, representing a year-on-year growth of 19.9% [3] - The net profit attributable to shareholders was 11.88 billion yuan, up 16.2% year-on-year, while core net profit decreased slightly by 6.6% to 10 billion yuan [3][4] - The company faces a "revenue without profit" situation, with only 20% of total revenue coming from recurring business, which contributed over 60% to core net profit [3][4] Business Performance - The core net profit decline is primarily driven by the development and sales segment, which saw a 23.8% year-on-year drop in core net profit to 3.98 billion yuan [4] - Development and sales business generated 74.36 billion yuan in revenue, a 25.8% increase year-on-year, accounting for nearly 80% of total revenue [4] - Recurring business revenue was 20.56 billion yuan, growing by 2.5%, but contributed over 60% to core net profit [4] Asset Management and Operational Performance - The operational real estate and asset management sectors are becoming significant growth engines, with operational real estate revenue reaching 12.11 billion yuan, up 5.5% [6] - Shopping centers achieved retail sales of 110.15 billion yuan, a 20.2% increase, with an operating profit margin of 65.9%, setting a new historical high [6] - As of June 30, 2025, the asset management scale reached 483.5 billion yuan, an increase of 21.4 billion yuan from the end of 2024 [6] Land Acquisition Strategy - The company remains optimistic about the market outlook for the second half of the year, maintaining confidence in its annual sales targets [7] - In the first half of 2025, the company signed contracts worth 110.3 billion yuan, a decrease of 11.6% year-on-year, with a signed area of 4.12 million square meters, down 21.0% [7] - The total land reserve area reached 48.95 million square meters, with 18 premium land parcels acquired at a total price of 44.73 billion yuan [7][8] Focus on Core Cities - The land acquisition strategy focuses on core cities, with all 18 projects located in first and second-tier cities, enhancing the quality of land reserves [8] - The company has made significant land purchases in key cities like Hangzhou and Shanghai, with notable transactions setting new price records [8]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism for quality companies to improve from a low base [3][4]. Core Insights - The real estate sector's financial reports for H1 2025 remain at low levels, but quality companies are expected to lead in recovery [4][5]. - The overall revenue for the sector decreased by 11.6% year-on-year in H1 2025, with a notable decline in first-tier companies by 20.3% [3][12]. - The net profit for the sector saw a significant drop of 145% year-on-year in H1 2025, with first-tier companies experiencing a 164% decline [3][14]. - The gross margin for the sector slightly increased to 15.2% in H1 2025, while the net margin was -6.1%, showing a narrowing decline compared to the previous year [3][21]. - The net debt ratio for the sector was 87.8% at the end of H1 2025, reflecting a rise due to increased liabilities and decreased net assets [3][45]. - The cash-to-short-term debt ratio was 0.9 times at the end of H1 2025, indicating a slight decline, with first-tier companies at 1.0 times [3][53]. Summary by Sections Revenue and Profitability - H1 2025 sector revenue decreased by 11.6% year-on-year, with first-tier companies down 20.3% and third-tier companies up 9.5% [3][12]. - Net profit for H1 2025 dropped by 145% year-on-year, with first-tier companies down 164% and second-tier companies down 78% [3][14]. Margins and Expenses - The gross margin for H1 2025 was 15.2%, slightly up from the previous year, with first-tier companies at 12.6% [3][17]. - The net margin was -6.1% for H1 2025, with first-tier companies at -4.8% [3][21]. - The overall expense ratio increased to 11.5% in H1 2025, with first-tier companies at 8.3% [3][25]. Debt and Cash Flow - The net debt ratio was 87.8% at the end of H1 2025, with first-tier companies at 70.7% [3][45]. - The cash-to-short-term debt ratio was 0.9 times, with first-tier companies at 1.0 times [3][53]. Sales and Pre-sales - Sales cash inflow for H1 2025 decreased by 12.5% year-on-year, with first-tier companies down 16.7% [3][55]. - The pre-sales lock-in rate was 0.57 times, continuing to decline, with first-tier companies at 0.74 times [3][61].

Core Viewpoint - Beijing Urban Construction's entry into Shanghai is a significant strategic move, but initial performance in the local market has not met expectations [2][4]. Group 1: Company Strategy and Performance - Beijing Urban Construction successfully acquired two prime plots in Yangpu District, Shanghai, in 2024, marking its first foray into the city [2][4]. - The company reported substantial improvements in revenue and net profit for the first half of 2025, but the performance in Shanghai has been disappointing [2]. - The first project, Guoyu Mansion, was launched with a sales price of 107,000 yuan per square meter, but the initial sales results were underwhelming, with a net signing rate of less than 50% shortly after launch [5][6]. Group 2: Market Conditions and Competition - The competitive landscape in Yangpu District is intensifying, with other developers like Poly Developments and China Overseas Land & Investment also acquiring land and launching projects [10]. - The project Guoyu Mansion faced delays in development, allowing competitors to capture market demand first, leading to a challenging sales environment for Beijing Urban Construction [4][10]. - The second project, Lingcui Riverside, also struggled with low customer engagement, with a net signing rate of only about 9.16% as of early September [12][13]. Group 3: Sales and Customer Engagement - Guoyu Mansion initially reported a sales rate of 82.58% after its launch, but subsequent reports indicated that only 24 units had sold after six months, highlighting a significant drop in momentum [7][8]. - Lingcui Riverside's first batch of 26 units had a low customer participation rate, with only 28 interested buyers, indicating weak market interest [12]. - Discounts were offered on Lingcui Riverside to stimulate sales, which is unusual for new developments in the inner ring of Shanghai, reflecting the pressure on the company to improve sales performance [12][13].

Core Insights - The real estate industry is experiencing a differentiated landscape in the first half of 2025 due to policy adjustments and changes in market demand, with some companies achieving stable growth through precise strategies and strong product capabilities [2] Group 1: Market Focus - Market demand is concentrating in high-quality areas, with leading real estate companies directing resources towards core cities, particularly first-tier and key second-tier cities, establishing a foundation based on core urban centers [3] - First-tier cities have significantly increased their contribution to sales for real estate companies, with over 50% of sales from companies like China Merchants Shekou, Yuexiu Property, and China Jinmao coming from cities like Beijing, Shanghai, Guangzhou, and Shenzhen [3] - Second-tier cities are becoming the main battleground for expansion, with companies like Longfor and Yuanhang focusing nearly 90% of new project areas in first and second-tier cities, balancing profit and scale [3] Group 2: Company Dynamics - The market is characterized by a leading role of state-owned enterprises (SOEs) and a gradual recovery of private enterprises, enhancing industry stability through collaborative efforts in sales and land acquisition [4] - In sales, SOEs like Poly Developments and China Overseas Land & Investment dominate due to their financial advantages and brand trust, while private companies like Binjiang Group and Jianfa Real Estate are achieving positive sales growth through differentiated strategies [4] - In land acquisition, the top 100 real estate companies saw a 33.3% year-on-year increase in total land acquisition, with SOEs occupying 8 out of the top 10 positions, showcasing their role as a stabilizing force in the land market [4] Group 3: Industry Concentration and Innovation - Among the top 10 real estate companies, four, including Jianfa Real Estate and Yuexiu Property, reported positive year-on-year sales, while the overall performance of companies ranked 11-30 and 51-100 declined, indicating increased industry concentration [5] - Leading companies are enhancing product strength and optimizing investment strategies to adapt to market trends, focusing on standardization and cultural integration in product development [5] - Investment strategies are becoming more flexible and diversified, with companies like Poly Developments and China Overseas Land & Investment prioritizing quality land in core cities and participating in urban renewal projects [5] Group 4: Future Outlook - Overall, high-quality real estate companies are focusing on three main directions to build competitive advantages, indicating a shift from "scale expansion" to "quality enhancement" in the industry [6]